How A Trust Can Make A Difference
A trust is a valuable estate planning tool for setting aside assets for your heirs. In a trust, the trustee officially owns the property you have transferred to him or her. These assets are managed by a third party — as in a third-party special needs trust — or invested for future use. Since the property in a trust is no longer part of your estate, it is not subject to probate. The law firm of J. Kevin Tharpe, P.C., can help you find the best path to protect your assets and distribute them as you see fit.
Choose The Right Trust To Accomplish Your Goals
There are many different types of trusts. Two of the most frequently used are:
- Testamentary trust — This is a trust that is established in your will that doesn’t come into effect until after your death. Since the trust is created by your will after your death, it can only be changed by modifying your will. The assets of the trust come from a sale of your property, sale of your assets or from a life insurance policy. A trustee is designated by you in your will or is appointed by the Probate Court. The role of the trustee is to ensure that the provisions of the trust are carried out and the trust funds are preserved.
- Living trust — This is a trust that is established during your lifetime to set aside funds for loved ones in the event you become incapacitated or die. In a revocable living trust, you can adjust the terms of the trust at any time during your lifetime. An irrevocable trust does not permit any amendment of the trust, but it is also not subjected to estate taxes.
There are various benefits and drawbacks to the different types of trusts, such as:
Estate tax issues
Amendment or revocation of the trust
Moving assets into or out of the trust
Experienced Gainesville wills attorneys can help you determine what trust, if any, is in your best interest and the best interests of your loved ones. At the law firm of J. Kevin Tharpe, P.C., we have nearly 25 years of experience advising and representing clients in estate planning matters. In addition, trusts attorney J. Kevin Tharpe has three years’ experience as an IRS estate and gift tax attorney.
Contact A Skilled Attorney Who Can Safeguard Your Property For Generations To Come
For more information on the comprehensive estate planning services offered by J. Kevin Tharpe, P.C., call us at 866-253-6994 or contact us online. We serve all of Northeast Georgia from our offices in Gainesville and Young Harris.